If the other part of the rumor is true, that Free Radical (made up of people who worked on the original Goldeneye and Time Splitters) is working on it then it could be very good.
IMO, one of the reasons that Goldeneye worked as an FPS is that they broke from what the Bond character is about in the first place. Sure, the game followed the storyline of the film, and copied the locations, but it jettisoned all of the gadgets and vehicles (minus the tank level), choosing to focus soley on the "run and gun" game. The EA games have brought the gadgets and vehicles back into the mix, but they haven't been all that fun, except for the driving levels in Nightfire. Goldeneye was an awesome game, but it succeeded because it wasn't true to the Bond character (of course the recent movies haven't been all that "true" either).
I'm actually looking forward to the other Bond game in development, the one that's supposed to be third person only. If they can do a Splinter Cell-style adventure game that has exotic locals (especially outdoor locations), then that would be the "purist's" Bond game.